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Alvopetro Energy Ltd. (TSXV: ALV,OTC:ALVOF) (OTCQX: ALVOF) announces an operational update and financial results for the three and six months ended June 30 2025.
All references herein to $ refer to United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.
President & CEO, Corey C. Ruttan commented:
‘Q2 included our first quarter of sales from our recently added Western Canadian assets and overall sales volumes continued to be very strong averaging 2,436 boepd, up 50% from Q2 2024, and consistent with Q1 2025. We have a considerable amount of activity underway and we are looking forward to an exciting Q3 with the completion and tie-in of our 183-D4 well, our Caburé Unit development wells, and our two most recently drilled multi-lateral wells in Western Saskatchewan . Our 2025 capital program is organically funded and focused on high rate of return opportunities in Brazil and also now in the Western Canadian Sedimentary Basin.’
Operational Update
July Sales Volumes
|
Natural gas, NGLs and crude oil sales: |
July 2025 |
June 2025 |
Q2 2025 |
|
Brazil: |
|||
|
Natural gas (Mcfpd), by field: |
|||
|
Caburé |
11,122 |
11,804 |
11,811 |
|
Murucututu |
1,751 |
1,446 |
1,191 |
|
Total natural gas (Mcfpd) |
12,873 |
13,250 |
13,002 |
|
NGLs (bopd) |
130 |
147 |
128 |
|
Oil (bopd) |
9 |
9 |
3 |
|
Total (boepd) – Brazil |
2,284 |
2,365 |
2,298 |
|
Canada: |
|||
|
Oil (bopd) – Canada |
134 |
149 |
138 |
|
Total Company – boepd (1) |
2,418 |
2,514 |
2,436 |
|
(1) Alvopetro reported volumes are based on sales volumes which, due to the timing of sales deliveries, may differ from production volumes. |
July sales volumes averaged 2,418 boepd, including 2,284 boepd from Brazil (with natural gas sales of 12.9 MMcfpd, associated natural gas liquids sales from condensate of 130 bopd, and oil sales of 9 bopd) and 134 bopd from oil sales in Canada , based on field estimates.
Quarterly Natural Gas Pricing Update
Effective August 1, 2025 , our natural gas price under our long-term gas sales agreement was adjusted to BRL1.90 /m 3 and will apply to all natural gas sales from August 1, 2025 to October 31, 2025 . Based on our average heat content to date and the July 31, 2025 BRL/USD exchange rate of 5.60, our expected realized price at the new contracted price is $10.27 /Mcf, net of applicable sales taxes, a decrease of 3% from the Q2 2025 realized price of $10.62 /Mcf due mainly to reduced Henry Hub and Brent prices in the second quarter. Amounts ultimately received in equivalent USD will be impacted by exchange rates in effect during the period August 1, 2025 to October 31, 2025 .
Development Activities – Brazil
On our 100% owned Murucututu field, the 183-D4 well was drilled in the second quarter to a total measured depth of 3,072 metres. The well encountered the Caruaçu Member of the Maracangalha Formation 106 metres structurally updip of our 183-A3 well which has been on production since the fourth quarter of 2024. Based on cased-hole gamma ray logs and normalized gas while drilling, the well encountered potential natural gas pay in the Caruaçu Member of the Maracangalha Formation, with an aggregate 61 metres total vertical depth (‘TVD’) of potential natural gas pay between 2,439 and 2,838 meters TVD. We’ve now completed the well in seven intervals and expect to have the well on production later in the third quarter. A total of $3.3 million of capital expenditures are estimated on the field in the second half of 2025, including costs for the 183-D4 completion.
Our joint development on the unitized area (‘the Unit’) which includes our Caburé field commenced in the second quarter and three wells (1.7 net) have now been drilled. The fourth well (0.6 net) is expected to be drilled later in the third quarter. Alvopetro’s share of these planned unit development costs in the second half of 2025 is anticipated to be $5.5 million . The timing of drilling the fifth development well (0.6 net) is subject to the receipt of all necessary regulatory approvals.
Development Activities – Western Canada
In June, we further expanded our joint Mannville focused land based to 17,780 gross acres (8,890 net acres) and in July, two additional multi-lateral wells (1.0 net) were drilled with an aggregate of over 19 kilometers of open hole reservoir contact. Both wells will now be completed and equipped and are expected to be on production later in the third quarter. We expect to drill our next two multi-lateral wells (1.0 net) starting later this year.
Financial and Operating Highlights – Second Quarter of 2025
- Average daily sales in Q2 2025 were 2,436 boepd (+50% from Q2 2024 and consistent with Q1 2025 sales of 2,446 boepd). In Brazil , daily sales averaged 2,298 boepd (+41% compared to Q2 2024) and in Canada , oil sales commenced in April 2025 , contributing 138 bopd in the quarter.
- Our average realized natural gas price was $10.62 /Mcf in Q2 2025 (-10% from Q2 2024 and +2% from Q1 2025). Our overall averaged realized sales price per boe was $63.20 /boe (-12% from Q2 2024 and -1% from Q1 2025).
- With higher sales volumes, our natural gas, oil and condensate revenue increased to $14.0 million (+31% from Q2 2024).
- Our operating netback in the quarter was $54.72 per boe, a decrease of $9.58 per boe compared to Q2 2024 due mainly to lower realized sales prices as well as higher royalties. Compared to Q1 2025, our operating netback increased $3.95 per boe with lower royalties partially offset by lower realized prices.
- We generated funds flows from operations of $10.4 million ( $0.28 per basic and $0.27 per diluted share), increases of $2.5 million compared to Q2 2024 and $1.1 million compared to Q1 2025.
- We reported net income of $6.8 million ( $0.18 per basic and diluted share), an increase of $4.5 million compared to Q2 2024 due to higher sales volumes as well as foreign exchange gains (compared to foreign exchange losses in Q2 2024), partially offset by lower realized prices and higher royalties, production expenses, depletion and depreciation expense and tax expense.
- Capital expenditures totaled $9.0 million , including drilling costs for the 183-D4 well on Alvopetro’s 100% Murucututu field as well as Alvopetro’s share of costs incurred on unit development, including costs for two (1.1 net) of five development wells (2.8 net) which commenced drilling in the quarter.
- Our working capital surplus was $6.8 million as of June 30, 2025 , decreasing $2.9 million from March 31, 2025 .
The following table provides a summary of Alvopetro’s financial and operating results for the periods noted. The consolidated financial statements with the Management’s Discussion and Analysis (‘MD&A’) are available on our website at www.alvopetro.com and will be available on the SEDAR+ website at www.sedarplus.ca .
|
As at and Three Months Ended June 30, |
As at and Six Months Ended June 30, |
|||||
|
2025 |
2024 |
Change |
2025 |
2024 |
Change (%) |
|
|
Financial |
||||||
|
($000s, except where noted) |
||||||
|
Natural gas, oil and condensate sales |
14,010 |
10,672 |
31 |
28,023 |
22,424 |
25 |
|
Net income |
6,830 |
2,350 |
191 |
12,900 |
6,900 |
87 |
|
Per share – basic ($) (1) |
0.18 |
0.06 |
200 |
0.35 |
0.19 |
84 |
|
Per share – diluted ($) (1) |
0.18 |
0.06 |
200 |
0.34 |
0.18 |
89 |
|
Cash flows from operating activities |
10,473 |
8,860 |
18 |
19,290 |
17,073 |
13 |
|
Per share – basic ($) (1) |
0.28 |
0.24 |
17 |
0.52 |
0.46 |
13 |
|
Per share – diluted ($) (1) |
0.28 |
0.24 |
17 |
0.51 |
0.45 |
13 |
|
Funds flow from operations (2) |
10,366 |
7,910 |
31 |
19,588 |
16,423 |
19 |
|
Per share – basic ($) (1) |
0.28 |
0.21 |
33 |
0.53 |
0.44 |
20 |
|
Per share – diluted ($) (1) |
0.27 |
0.21 |
29 |
0.52 |
0.44 |
18 |
|
Dividends declared |
3,660 |
3,296 |
11 |
7,303 |
6,592 |
11 |
|
Per share (1) (2) |
0.10 |
0.09 |
11 |
0.20 |
0.18 |
11 |
|
Capital expenditures |
8,986 |
3,437 |
161 |
17,361 |
5,876 |
195 |
|
Cash and cash equivalents |
15,001 |
19,681 |
(24) |
15,001 |
19,681 |
(24) |
|
Net working capital (2) |
6,838 |
14,692 |
(53) |
6,838 |
14,692 |
(53) |
|
Weighted average shares outstanding |
||||||
|
Basic (000s) (1) |
37,261 |
37,286 |
– |
37,278 |
37,282 |
– |
|
Diluted (000s) (1) |
37,795 |
37,600 |
1 |
37,770 |
37,647 |
– |
|
Operations |
||||||
|
Average daily sales volumes (3) : |
||||||
|
Brazil: |
||||||
|
Natural gas (Mcfpd), by field: |
||||||
|
Caburé (Mcfpd) |
11,811 |
8,822 |
34 |
11,761 |
9,029 |
30 |
|
Murucututu (Mcfpd) |
1,191 |
422 |
182 |
1,639 |
426 |
285 |
|
Total natural gas (Mcfpd) |
13,002 |
9,244 |
41 |
13,400 |
9,455 |
42 |
|
NGLs – condensate (bopd) |
128 |
76 |
68 |
131 |
77 |
70 |
|
Oil (bopd) |
3 |
12 |
(75) |
7 |
12 |
(42) |
|
Total (boepd) – Brazil |
2,298 |
1,629 |
41 |
2,371 |
1,665 |
42 |
|
Canada: |
||||||
|
Oil (bopd) – Canada |
138 |
– |
– |
69 |
– |
– |
|
Total Company (boepd) |
2,436 |
1,629 |
50 |
2,440 |
1,665 |
47 |
|
Average realized prices (2) : |
||||||
|
Natural gas ($/Mcf) |
10.62 |
11.83 |
(10) |
10.53 |
12.21 |
(14) |
|
NGLs – condensate ($/bbl) |
72.32 |
92.27 |
(22) |
76.78 |
90.06 |
(15) |
|
Oil ($/bbl) |
47.10 |
71.87 |
(34) |
48.31 |
68.54 |
(30) |
|
Total ($/boe) |
63.20 |
71.97 |
(12) |
63.43 |
74.00 |
(14) |
|
Operating netback ($/boe) (2) |
||||||
|
Realized sales price |
63.20 |
71.97 |
(12) |
63.43 |
74.00 |
(14) |
|
Royalties |
(2.97) |
(1.94) |
53 |
(5.28) |
(1.98) |
167 |
|
Production expenses |
(5.37) |
(5.73) |
(6) |
(5.34) |
(6.77) |
(21) |
|
Transportation expenses |
(0.14) |
– |
– |
(0.07) |
– |
– |
|
Operating netback |
54.72 |
64.30 |
(15) |
52.74 |
65.25 |
(19) |
|
Operating netback margin (2) |
87 % |
89 % |
(2) |
83 % |
88 % |
(6) |
|
Notes: |
|
|
(1) |
Per share amounts are based on weighted average shares outstanding other than dividends per share, which is based on the number of common shares outstanding at each dividend record date. The weighted average number of diluted common shares outstanding in the computation of funds flow from operations and cash flows from operating activities per share is the same as for net income per share. |
|
(2) |
See ‘Non-GAAP and Other Financial Measures’ section within this news release. |
|
(3) |
Alvopetro reported volumes are based on sales volumes which, due to the timing of sales deliveries, may differ from production volumes. |
Q2 2025 Results Webcast
Alvopetro will host a live webcast to discuss our Q2 2025 financial results at 8:00 am Mountain time on Thursday August 7, 2025. Details for joining the event are as follows:
DATE: August 7, 2025
TIME : 8:00 AM Mountain/ 10:00 AM Eastern
LINK: https://us06web.zoom.us/j/87200931927
DIAL-IN NUMBERS: https://us06web.zoom.us/u/kdLidYPIoO
WEBINAR ID: 872 0093 1927
The webcast will include a question-and-answer period. Online participants will be able to ask questions through the Zoom portal. Dial-in participants can email questions directly to socialmedia@alvopetro.com .
Corporate Presentation
Alvopetro’s updated corporate presentation is available on our website at:
http://www.alvopetro.com/corporate-presentation .
Social Media
Follow Alvopetro on our social media channels at the following links:
Twitter – https://twitter.com/AlvopetroEnergy
Instagram – https://www.instagram.com/alvopetro/
LinkedIn – https://www.linkedin.com/company/alvopetro-energy-ltd
Alvopetro Energy Ltd. is deploying a balanced capital allocation model where we seek to reinvest roughly half our cash flows into organic growth opportunities and return the other half to stakeholders. Alvopetro’s organic growth strategy is to focus on the best combinations of geologic prospectivity and fiscal regime. Alvopetro is balancing capital investment opportunities in Canada and Brazil where we are building off the strength of our Caburé and Murucututu natural gas fields and the related strategic midstream infrastructure.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Abbreviations:
|
$000s |
= |
thousands of U.S. dollars |
|
boepd |
= |
barrels of oil equivalent (‘boe’) per day |
|
bopd |
= |
barrels of oil and/or natural gas liquids (condensate) per day |
|
BRL |
= |
Brazilian Real |
|
e 3 m 3 /d |
= |
thousand cubic metre per day |
|
m 3 |
= |
cubic metre |
|
m 3 /d |
= |
cubic metre per day |
|
Mcf |
= |
thousand cubic feet |
|
Mcfpd |
= |
thousand cubic feet per day |
|
MMcf |
= |
million cubic feet |
|
MMcfpd |
= |
million cubic feet per day |
|
NGLs |
= |
natural gas liquids (condensate) |
|
Q1 2025 |
= |
three months ended March 31, 2025 |
|
Q2 2024 |
= |
three months ended June 30, 2024 |
|
Q2 2025 |
= |
three months ended June 30, 2025 |
|
USD |
= |
United States dollars |
|
GAAP or IFRS |
= |
IFRS Accounting Standards |
Non-GAAP and Other Financial Measures
This news release contains references to various non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures as such terms are defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure . Such measures are not recognized measures under GAAP and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. While these measures may be common in the oil and gas industry, the Company’s use of these terms may not be comparable to similarly defined measures presented by other companies. The non-GAAP and other financial measures referred to in this report should not be considered an alternative to, or more meaningful than measures prescribed by IFRS and they are not meant to enhance the Company’s reported financial performance or position. These are complementary measures that are used by management in assessing the Company’s financial performance, efficiency and liquidity and they may be used by investors or other users of this document for the same purpose. Below is a description of the non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures used in this news release. For more information with respect to financial measures which have not been defined by GAAP, including reconciliations to the closest comparable GAAP measure, see the ‘ Non-GAAP Measures and Other Financial Measures ‘ section of the Company’s MD&A which may be accessed through the SEDAR+ website at www.sedarplus.ca .
Non-GAAP Financial Measures
Operating Netback
Operating netback is calculated as natural gas, oil and condensate revenues less royalties, production expenses, and transportation expenses. This calculation is provided in the ‘ Operating Netback ‘ section of the Company’s MD&A using our IFRS measures. The Company’s MD&A may be accessed through the SEDAR+ website at www.sedarplus.ca . Operating netback is a common metric used in the oil and gas industry used to demonstrate profitability from operations.
Non-GAAP Financial Ratios
Operating Netback per boe
Operating netback is calculated on a per unit basis, which is per barrel of oil equivalent (‘boe’). It is a common non-GAAP measure used in the oil and gas industry and management believes this measurement assists in evaluating the operating performance of the Company. It is a measure of the economic quality of the Company’s producing assets and is useful for evaluating variable costs as it provides a reliable measure regardless of fluctuations in production. Alvopetro calculated operating netback per boe as operating netback divided by total sales volumes (boe). This calculation is provided in note 3 of the interim condensed consolidated financial statements and in the ‘ Operating Netback ‘ section of the Company’s MD&A using our IFRS measures. The Company’s MD&A may be accessed through the SEDAR+ website at www.sedarplus.ca . Operating netback is a common metric used in the oil and gas industry used to demonstrate profitability from operations on a per boe basis.
Operating netback margin
Operating netback margin is calculated as operating netback per boe divided by the realized sales price per boe. Operating netback margin is a measure of the profitability per boe relative to natural gas, oil and condensate sales revenues per boe and is calculated as follows:
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Operating netback – $ per boe |
54.72 |
64.30 |
52.74 |
65.25 |
|
Average realized price – $ per boe |
63.20 |
71.97 |
63.43 |
74.00 |
|
Operating netback margin |
87 % |
89 % |
83 % |
88 % |
Funds Flow from Operations Per Share
Funds flow from operations per share is a non-GAAP ratio that includes all cash generated from operating activities and is calculated before changes in non-cash working capital, divided by the weighted average shares outstanding for the respective period. For the periods reported in this news release the cash flows from operating activities per share and funds flow from operations per share is as follows:
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||
|
$ per share |
2025 |
2024 |
2025 |
2024 |
|
Per basic share: |
||||
|
Cash flows from operating activities |
0.28 |
0.24 |
0.52 |
0.46 |
|
Funds flow from operations |
0.28 |
0.21 |
0.53 |
0.44 |
|
Per diluted share: |
||||
|
Cash flows from operating activities |
0.28 |
0.24 |
0.51 |
0.45 |
|
Funds flow from operations |
0.27 |
0.21 |
0.52 |
0.44 |
Capital Management Measures
Funds Flow from Operations
Funds flow from operations is a non-GAAP capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash working capital. The most comparable GAAP measure to funds flow from operations is cash flows from operating activities. Management considers funds flow from operations important as it helps evaluate financial performance and demonstrates the Company’s ability to generate sufficient cash to fund future growth opportunities. Funds flow from operations should not be considered an alternative to, or more meaningful than, cash flows from operating activities however management finds that the impact of working capital items on the cash flows reduces the comparability of the metric from period to period. A reconciliation of funds flow from operations to cash flows from operating activities is as follows:
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash flows from operating activities |
10,473 |
8,860 |
19,290 |
17,073 |
|
Changes in non-cash working capital |
(107) |
(950) |
298 |
(650) |
|
Funds flow from operations |
10,366 |
7,910 |
19,588 |
16,423 |
Net Working Capital
Net working capital is computed as current assets less current liabilities. Net working capital is a measure of liquidity, is used to evaluate financial resources, and is calculated as follows:
|
As at June 30, |
|||
|
2025 |
2024 |
||
|
Total current assets |
22,915 |
25,300 |
|
|
Total current liabilities |
(16,077) |
(10,608) |
|
|
Net working capital |
6,838 |
14,692 |
|
Supplementary Financial Measures
‘ Average realized natural gas price – $/Mcf ‘ is comprised of natural gas sales as determined in accordance with IFRS, divided by the Company’s natural gas sales volumes.
‘ Average realized NGL – condensate price – $/bbl ‘ is comprised of condensate sales as determined in accordance with IFRS, divided by the Company’s NGL sales volumes from condensate.
‘ Average realized oil price – $/bbl ‘ is comprised of oil sales as determined in accordance with IFRS, divided by the Company’s oil sales volumes.
‘ Average realized price – $/boe ‘ is comprised of natural gas, condensate and oil sales as determined in accordance with IFRS, divided by the Company’s total natural gas, NGL and oil sales volumes (barrels of oil equivalent).
‘ Dividends per share ‘ is comprised of dividends declared, as determined in accordance with IFRS, divided by the number of shares outstanding at the dividend record date.
‘ Royalties per boe ‘ is comprised of royalties, as determined in accordance with IFRS, divided by the total natural gas, NGL and oil sales volumes (barrels of oil equivalent).
‘ Production expenses per boe ‘ is comprised of production expenses, as determined in accordance with IFRS, divided by the total natural gas, NGL and oil sales volumes (barrels of oil equivalent).
‘ Transportation expenses per boe ‘ is comprised of transportation expenses, as determined in accordance with IFRS, divided by the total natural gas, NGL and oil sales volumes (barrels of oil equivalent).
BOE Disclosure
The term barrels of oil equivalent (‘boe’) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6 Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in this news release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.
Contracted Natural Gas Volumes
The 2025 contracted daily firm volumes under Alvopetro’s long-term gas sales agreement of 400 e 3 m 3 /d (before any provisions for take or pay allowances) represents contracted volumes based on contract referenced natural gas heating value. Alvopetro’s reported natural gas sales volumes are prior to any adjustments for heating value of Alvopetro natural gas. Alvopetro’s natural gas is approximately 7.8% higher than the contract reference heating value. Therefore, to satisfy the contractual firm deliveries Alvopetro would be required to deliver approximately 371e 3 m 3 /d (13.1MMcfpd).
Well Results
Data obtained from the 183-D4 well identified in this press release, including hydrocarbon shows, cased-hole logging data, and potential net pay should be considered preliminary until testing, detailed analysis and interpretation has been completed. Hydrocarbon shows can be seen during the drilling of a well in numerous circumstances and do not necessarily indicate a commercial discovery or the presence of commercial hydrocarbons in a well. There is no representation by Alvopetro that the data relating to the 183-D4 well contained in this press release is necessarily indicative of long-term performance or ultimate recovery. The reader is cautioned not to unduly rely on such data as such data may not be indicative of future performance of the well or of expected production or operational results for Alvopetro in the future.
Forward-Looking Statements and Cautionary Language
This news release contains forward-looking information within the meaning of applicable securities laws. The use of any of the words ‘will’, ‘expect’, ‘intend’, ‘plan’, ‘may’, ‘believe’, ‘estimate’, ‘forecast’, ‘anticipate’, ‘should’ and other similar words or expressions are intended to identify forward-looking information. Forward‐looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Accordingly, when relying on forward-looking statements to make decisions, Alvopetro cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. More particularly and without limitation, this news release contains forward-looking statements concerning the expected natural gas price, gas sales and gas deliveries under Alvopetro’s long-term gas sales agreement, future production and sales volumes, the expected timing of production commencement from certain wells, plans relating to the Company’s operational activities, proposed exploration and development activities and the timing for such activities, capital spending levels, future capital and operating costs, the timing and taxation of dividends and plans for dividends in the future, anticipated timing for upcoming drilling and testing of other wells, and projected financial results. Forward-looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to the success of future drilling, completion, testing, recompletion and development activities and the timing of such activities, the performance of producing wells and reservoirs, well development and operating performance, expectations and assumptions concerning the timing of regulatory licenses and approvals, equipment availability, environmental regulation, including regulations relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, the outlook for commodity markets and ability to access capital markets, foreign exchange rates, the outcome of any disputes, the outcome of redeterminations, general economic and business conditions, forecasted demand for oil and natural gas, the impact of global pandemics, weather and access to drilling locations, the availability and cost of labour and services, and the regulatory and legal environment and other risks associated with oil and gas operations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Current and forecasted natural gas nominations are subject to change on a daily basis and such changes may be material. In addition, the declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. Although we believe that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because we can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, reliance on industry partners, availability of equipment and personnel, uncertainty surrounding timing for drilling and completion activities resulting from weather and other factors, changes in applicable regulatory regimes and health, safety and environmental risks), commodity price and foreign exchange rate fluctuations, market uncertainty associated with trade or tariff disputes, and general economic conditions. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Although Alvopetro believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on factors that could affect the operations or financial results of Alvopetro are included in our AIF which may be accessed on Alvopetro’s SEDAR+ profile at www.sedarplus.ca . The forward-looking information contained in this news release is made as of the date hereof and Alvopetro undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
www.alvopetro.com
TSX-V: ALV, OTCQX: ALVOF
SOURCE Alvopetro Energy Ltd.
View original content: http://www.newswire.ca/en/releases/archive/August2025/06/c8138.html
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Investor Insight
Westport’ innovative technologies and pioneered alternative fuel delivery systems offer a compelling case for investors looking to participate in the opportunities of a low-carbon economy.
Overview
Westport (NASDAQ:WPRT,TSX:WPRT) specializes in delivering advanced fuel technologies, with a focus on heavy-duty vehicles, aimed at reducing carbon emissions without compromising engine performance. As a key player in the clean transportation space, Westport offers innovative solutions that enable internal combustion engines to operate on alternative low-carbon fuels, including natural gas, renewable natural gas (RNG), propane and hydrogen.
Westport is focused on the following transportation market opportunities:
- High-pressure Controls and Systems: Focuses on high-pressure fuel management solutions for hydrogen and other alternative fuel engines. Westport is embracing early-stage hydrogen infrastructure development and offers key components such as pressure regulators, injectors and fuel rails for both internal combustion engines and fuel cell applications. While hydrogen is key to the future decarbonization of transport, Westport’s components and solutions are already powering innovation today across a range of gaseous fuels.
In 2025, Westport completed the sale of its Light-Duty Segment to Heliaca Investments, allowing the company to strengthen its balance sheet and focus on high-growth opportunities in heavy-duty and industrial markets.
Market Position and Competitive Advantage
Westport operates in a rapidly growing and changing clean transportation market driven by stringent emission regulations, increasing fuel costs, and rising demand for sustainable mobility solutions. The company’s competitive edge lies in its proprietary HPDI technology, which uniquely delivers diesel-equivalent performance while significantly reducing carbon emissions. Westport’s joint venture with Volvo Group, under the Cespira name, enhances its ability to scale HPDI solutions globally.
Fleet operators and logistics companies are increasingly turning to alternative fuel vehicles to reduce operational costs and meet stringent ESG goals. In response, Westport continues to invest in innovation, particularly in hydrogen and renewable natural gas solutions.
Company Highlights
- Westport is a pioneer in the development and commercialization of alternative fuel delivery systems for natural gas, renewable natural gas (RNG), propane, and hydrogen-powered internal combustion engines (ICEs).
- The company is rooted in heavy-duty vehicle market, leveraging Westport’s proprietary fuel technologies to deliver reductions in carbon emissions for both commercial and passenger vehicles.
- Westport’s High-Pressure Controls and Systems segment focuses on fuel management solutions for hydrogen and other pressurized alternative fuels.
- The flagship HPDI technology, now part of the company’s Cespira joint venture with Volvo Group, enables heavy-duty trucks to operate on natural gas or hydrogen, thereby substantially lowering CO₂ emissions while delivering diesel-equivalent or better performance.
- Westport’s growth trajectory is enhanced by key collaborations, most notably via the formation of Cespira, a joint venture with Volvo Group aimed at accelerating the global adoption of the HPDI technology.
Key Technologies
HPDI Fuel System (transferred into the Cespira JV with Volvo Group)
The HPDI fuel system is engineered for heavy-duty trucks and industrial applications. By injecting high-pressure natural gas or hydrogen directly into the combustion chamber, HPDI delivers diesel-like torque and power with up to 98 percent lower CO₂ emissions when using hydrogen. This technology is critical for long-haul trucking and other high-load applications, where maintaining performance and range is essential. This technology is now owned under the Cespira JV, which generated a revenue of $16.2 million in Q3 2024.
The HPDI system features a revolutionary, patented injector with a dual concentric needle design that delivers small quantities of diesel fuel and large quantities of natural gas, at high pressure, to the combustion chamber.
High-pressure Controls and Components
Westport’s high-pressure gaseous controls segment is at the forefront of the clean energy revolution, designing, developing and producing high-demand components for transportation and industrial applications. The company partners with the world’s leading fuel cell manufacturers and companies committed to decarbonizing transport, offering versatile solutions that serve a variety of fuel types. While hydrogen is key to the future decarbonization of transport, Westport components and solutions are already powering innovation today across a range of gaseous fuels. With decades of experience, market-leading brands, and unmatched engineering expertise, the company is a leader in the market. While still small, its strategic position and innovative capabilities put Westport on the cusp of significant growth, ensuring it is the go-to choice for those shaping the future of clean energy, today and tomorrow.
Management
Westport is helmed by an accomplished executive team with extensive experience in automotive technology, alternative fuels and corporate strategy.
Dan Sceli – CEO
Dan Sceli was appointed as CEO in January of 2024. His distinguished 37-year career in the global manufacturing sector marks him as a visionary leader, whose strategic acumen and commitment to excellence have propelled companies to new heights.
Bill Larkin – CFO
Bill Larkin has been instrumental in strengthening the company’s financial position since joining in 2022. With prior experience as CFO of Fuel Systems Solutions and Westport Innovations, Larkin’s experience spans a diverse set of corporate environments ranging from entrepreneurial startups, high growth small-caps and mature multi-billion dollar enterprises across various industries.
Ashley Nuell – VP of Investor Relations
Ashley Nuell joined Westport in May of 2022 and currently has approximately 20 years of experience in investor relations. Her career includes roles with companies at various parts of the energy sector value chain, as well as in the investor relations and stakeholder communications practice area of a global consulting firm.
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Apple CEO Tim Cook will join President Donald Trump on Wednesday for an event touting what the White House calls a new $100 billion investment commitment by the tech giant in the U.S.
The announcement in the Oval Office, set for 4:30 p.m. ET, includes Apple’s commitment to a new “American Manufacturing Program,” a White House official confirmed to CNBC.
With the new pledge, Apple’s total investment in the U.S. over the next four years now totals $600 billion, the official said.
Bloomberg first reported Apple’s new investment pledge earlier Wednesday.
The meeting comes as Trump has pushed Apple to make its products in America — a feat that experts say would jack up prices by hundreds of dollars, if it can even be done at all.
Most of Apple’s flagship iPhones have been manufactured in China, though the company is moving some of its production to India.
Trump has complained about that plan. “We’re not interested in you building in India, India can take care of themselves … we want you to build here,” Trump said he told Cook in May.
On Wednesday, Trump announced he will double the U.S. tariff rate on Indian goods to 50%. Trump said he was raising the tariff because of India continuing to purchase Russian oil.
Trump had exempted smartphones, chips and other tech products from his early April “reciprocal” tariff plan, which slapped a 10% baseline duty on nearly the entire world and set significantly higher rates for dozens of individual countries.
That exemption still applied as of this week, following Trump’s executive order tweaking U.S. tariffs on a slew of countries.
And it appears to remain intact in Trump’s latest order ratcheting up tariffs on imports from India.
Apple declined CNBC’s request for comment.
— CNBC’s Steve Kovach contributed to this report.
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Wednesday marks the 80th anniversary of when the U.S. employed the first ever nuclear bomb over the Japanese city of Hiroshima, followed by the bombing of Nagasaki three days later on Aug. 9. But despite nearly a century of lessons learned, nuclear warfare still remains a significant threat.
‘This is the first time that the United States is facing down two nuclear peer adversaries – Russia and China,’ Rebeccah Heinrichs, nuclear expert and senior fellow at the Hudson Institute, told Fox News Digital.
Heinrichs explained that not only are Moscow and Beijing continuing to develop new nuclear capabilities and delivery systems, but they are increasingly collaborating with one another in direct opposition to the West, and more pointedly, the U.S.
‘It’s a much more complex nuclear threat environment than what the United States even had to contend with during the Cold War, where we just had one nuclear peer adversary in the Soviet Union,’ she said. ‘In that regard, it’s a serious problem, especially when both China and Russia are investing in nuclear capabilities and at the same time have revanchist goals.’
Despite the known immense devastation that would accompany an atomic war between two nuclear nations, concern has been growing that the threat of nuclear war is on the rise.
The bombings of Hiroshima and Nagasaki – which collectively killed some 200,000 people, not including the dozens of thousands who later died from radiation poisoning and cancer – have been attributed with bringing an end to World War II.
But the bombs did more than end the deadliest war in human history – they forever changed military doctrine, sparked a nuclear arms race and cemented the concept of deterrence through the theory of mutually assured destruction.
Earlier this year the Bulletin of Atomic Scientists moved forward the ‘Doomsday Clock’ by one second – pushing it closer to ‘midnight,’ or atomic meltdown, than ever before.
In January, the board of scientists and security officials in charge of the 78-year-old clock, which is used to measure the threat level of nuclear warfare, said that moving the clock to 89 seconds to midnight ‘signals that the world is on a course of unprecedented risk, and that continuing on the current path is a form of madness.’
Despite the escalated nuclear threats coming out of North Korea, and international concern over the Iranian nuclear program, the threat level largely came down to the three biggest players in the nuclear arena: Russia, the U.S. and China.
The increased threat level was attributed to Russia’s refusal to comply with international nuclear treaties amid its continuously escalating war in Ukraine and its hostile opposition to NATO nations, as well as China’s insistence on expanding its nuclear arsenal.
But the Bulletin, which was founded by scientists on the Manhattan Project in 1945 to inform the public of the dangers of atomic warfare, also said the U.S. has a role in the increased nuclear threat level.
‘The U.S. has abdicated its role as a voice of caution. It seems inclined to expand its nuclear arsenal and adopt a posture that reinforces the belief that ‘limited’ use of nuclear weapons can be managed,’ the Bulletin said. ‘Such misplaced confidence could have us stumble into a nuclear war.’
But Heinrichs countered the ‘alarmist’ message and argued that deterrence remains a very real protectant against nuclear warfare, even as Russia increasingly threatens Western nations with atomic use.
‘I do think that it’s a serious threat. I don’t think it’s inevitable that we’re sort of staring down nuclear Armageddon,’ she said.
Heinrichs argued the chief threat is not the number of nuclear warheads a nation possesses, but in how they threaten to employ their capabilities.
‘I think that whenever there is a threat of nuclear use, it’s because adversaries, authoritarian countries, in particular Russia, is threatening to use nuclear weapons to invade another country. And that’s where the greatest risk of deterrence failure is,’ she said. ‘It’s not because of the sheer number of nuclear weapons.’
Heinrichs said Russia is lowering the nuclear threshold by routinely threatening to employ nuclear weapons in a move to coerce Western nations to capitulate to their demands, as in the case of capturing territory in Ukraine and attempting to deny it NATO access.
Instead, she argued that the U.S. and its allies need to improve their deterrence by not only staying on top of their capabilities but expanding their nuclear reach in regions like the Indo-Pacific.
‘The answer is not to be so afraid of it or alarmed that you capitulate, because you’re only going to beget more nuclear coercion if you do that,’ she said. ‘The answer is to prudently, carefully communicate to the Russians they are not going to succeed through nuclear coercion, that the United States also has credible response options.
‘We also have nuclear weapons, and we have credible and proportional responses, and so they shouldn’t go down that path,’ Heinrichs said. ‘That’s how we maintain the nuclear peace. That’s how we deter conflict. And that’s how we ensure that a nuclear weapon is not used.’
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The Russian and Chinese militaries practiced destroying an ‘enemy’ submarine during joint naval drills Wednesday, just days after President Donald Trump moved a pair of nuclear submarines toward Russia, a report said.
The drills involved Il-38 planes from Russia’s Pacific Fleet and Chinese Y-8 anti-submarine aircraft, according to Reuters, and came after Trump announced last Friday that he ‘ordered two Nuclear Submarines to be positioned in the appropriate regions’ following ‘highly provocative statements’ made by former Russian President Dmitry Medvedev.
‘As a result of effective joint actions, the ‘enemy’ submarine was promptly detected and mock-destroyed,’ Russia’s defense ministry said Wednesday following the naval exercises in the Sea of Japan, Reuters reported. ‘After practicing anti-submarine tasks, the crews of the Russian and Chinese ships thanked each other for their fruitful work.’
The White House and State Department did not immediately respond Wednesday to a request for comment from Fox News Digital.
White House envoy Steve Witkoff is preparing for a trip to Russia on Wednesday, two days ahead of Trump’s Aug. 8 deadline for Moscow to enter into a ceasefire with Ukraine or face stiff sanctions.
On Sunday, Trump told reporters that nuclear submarines he ordered to counter Russia are now ‘in the region.’
Medvedev said earlier last week that Trump’s new deadline for Russia to end the conflict with Ukraine is an additional ‘step towards war.’
‘Based on the highly provocative statements of the Former President of Russia, Dmitry Medvedev, who is now the Deputy Chairman of the Security Council of the Russian Federation, I have ordered two Nuclear Submarines to be positioned in the appropriate regions, just in case these foolish and inflammatory statements are more than just that,’ Trump then said in a post on Truth Social on Friday.
‘Words are very important, and can often lead to unintended consequences, I hope this will not be one of those instances,’ he added.
Fox News’ Diana Stancey, Danielle Wallace and Caitlin McFall contributed to this report.
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Vice President JD Vance is hosting senior Trump administration officials at his residence in Washington, D.C. on Wednesday evening for a strategy dinner to discuss how the administration should handle the ongoing Jeffrey Epstein fallout and move forward, Fox News has learned.
Vance has invited U.S. Attorney General Pam Bondi, FBI Director Kash Patel, and Deputy Attorney General Todd Blanche to dinner at the sprawling, 12-acre vice-presidential residence in Northwest Washington. White House chief of staff Susie Wiles is also expected to be in attendance, according to sources familiar.
News of the dinner was first reported by CNN. It comes after weeks of unsuccessful attempts by senior Trump officials to quell mounting public pressure to release more information related to the Epstein investigation — underscoring the sticking power of the Epstein scandal despite a fast-moving news cycle. Trump supporters have been among the leading voices demanding the release of additional information.
The Justice Department and the White House have also struggled to coordinate their messaging on the ongoing fallout from the Epstein scandal, following the release of an unsigned July 7 memo that said they did not plan to release additional information about the investigation.
Most recently, the White House and DOJ have been at odds over whether to release an audio file and transcript from Deputy Attorney General Todd Blanche’s interview with Epstein associate Ghislaine Maxwell late last month, senior administration officials confirmed.
It is unclear how long the audio footage and transcripts from the interviews between Blanche’s interview with Maxwell are, but they do exist, Fox News Digital reported yesterday, and discussions remain underway today involving whether — and when — to release the transcript.
Fox News Digital reported yesterday that DOJ officials have both the audio and transcript from Blanche’s interview with Maxwell, which took place over two days at the U.S. Attorney’s office near the Federal Correctional Institution in Tallahassee, Florida, where Maxwell had been serving out a 20-year prison sentence for sex trafficking.
Maxwell was transferred last week without explanation to a new, minimum-security women’s federal prison camp in Texas.
Anything released by the Trump administration would almost certainly involve heavily redacting any identifying information of individuals named in the transcript in order to protect victims — something Bondi has stressed in public on multiple occasions.
News of Vance’s dinner prompted fresh concerns from family members of one Epstein victim, Virginia Roberts Giuffre, who committed suicide earlier this year.
‘We understand that Vice President JD Vance will hold a strategy session this evening at his residence with administration officials,’ Giuffre’s sibling said in a statement Wednesday shared with Fox News Digital. ‘Missing from this group is, of course, any survivor of the vicious crimes of convicted perjurer and sex trafficker Ghislaine Maxwell and Jeffrey Epstein. Their voices must be heard, above all,’ they said.
‘We reiterate that Ghislaine Maxwell should have remained in a maximum security prison and does not deserve the luxuries currently afforded her.’
Pressure to release information has been unrelenting in the weeks since July 7, when the Justice Department said in an unsigned memo that it did not plan to release more information about the investigation. The Justice Department and FBI also said that investigators had not found a so-called ‘client list’ from Epstein, as had been suggested widely online, and by some Trump officials earlier this year.
Asked on Fox News in February about news that the DOJ would release ‘the list of Jeffrey Epstein’s clients,’ and when that would happen, Bondi replied, ‘It’s sitting on my desk right now to review.’
White House press secretary Karoline Leavitt later said Bondi had been referring more broadly to all the files related to Epstein, and not a single list.
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President Donald Trump lashed out at Senate Minority Leader Chuck Schumer on Wednesday, accusing the lawmaker of ‘extortion’ for holding up Trump’s nominees in the Senate.
Trump made the statement from his Truth Social account, arguing that never in U.S. history have so many of a president’s nominees been bottlenecked in the Senate. Senate Republicans had been negotiating with Schumer to speed up the nomination process this week, but the talks broke down.
‘Politically embattled Senator, Cryin’ Chuck Schumer, wants the Republicans to pay, as extortion, two billion dollars in order for the radical left Democrats to approve the hundreds of Trump appointments who have been waiting for months, and are raring to go,’ Trump wrote.
‘This has never happened before. There has never, in U.S. history, been such a delay. They are extortionists! Republicans must create legislation in order to get out of the grasp of these country-hating thugs. Move quickly!’ he added.
Lawmakers left Washington on Monday without a deal, leaving Republicans deeply frustrated with Schumer and Senate Democrats for their unprecedented filibustering of every one of Trump’s nominees. Only Secretary of State Marco Rubio received a smooth confirmation.
Schumer and the Democrats had demanded that Trump free up billions in funding for the National Institutes of Health (NIH) and foreign aid, accounting for Trump’s claims of a $2 billion ‘extortion.’
Republicans are now discussing a rule change that would block Democrats from filibustering the nominees, allowing them to clear the Senate with just a simple majority.
‘I think that way is going to happen anyways, because of what Schumer has done. He’s forced this, and it’s ridiculous that he’s doing this,’ Sen. Markwayne Mullin, R-Okla., said Tuesday. ‘And so, whatever, we’re at this point, and we’ll do, you know what they say, every action requires an equal [reaction], and that’s what we’re at right now.’
Currently, over 1,200 positions go through Senate confirmation. Senate Republicans have been able to confirm over 130 of Trump’s picks so far, but there are over 140 nominees still pending on the Senate’s calendar.
‘I think they’re desperately in need of change,’ Senate Majority Leader John Thune, R-S.D., told reporters on Tuesday. ‘I think that the last six months have demonstrated that this process, nominations, is broken. And so I expect there will be some good robust conversations about that.’
Fox News’ Alex Miller contributed to this report
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The federal government is stepping into the future and embracing artificial intelligence, specifically ChatGPT, across its agencies, which proponents say will streamline productivity while solidifying President Donald Trump’s pledge to keep the U.S. in the driver’s seat of the cutting-edge technology, Fox News Digital exclusively learned.
The U.S. General Services Administration announced Wednesday that OpenAI’s ChatGPT Enterprise is now available to all federal agencies to incorporate into their workflow at a $1 per agency cost, the GSA told Fox Digital. The deal with OpenAI, the tech company behind ChatGPT, is part of GSA’s OneGov Strategy that aims to modernize ‘how the federal government purchases goods and services’ under the Trump administration.
‘The use of this tool has been deployed and tested with responsible policy makers, with responsible legal folks,’ GSA Federal Acquisition Service Commissioner Josh Gruenbaum told Fox News Digital of integrating AI into the federal government. ‘It’s not just auto-piloting and saying, ‘go machine’ and we just respond. … It’s automation, it’s ease of processes, but it’s also thinking about … the typical waste, fraud and abuse that we’re also focused on with this administration.’
ChatGPT is a wildly popular AI chatbot that can hold conversational discussions, provide research accompanied by citations, automate routine tasks such as data entry or file processing, summarize books or lengthy files, and even assist with brainstorming project ideas or problem-solving tasks.
‘Open AI just announced the ChatGPT has over 700 million weekly users, so the amount of commercial adoption is quite astounding,’ OpenAI’s Joseph Larson told Fox Digital Tuesday of the partnership. ‘What we didn’t want to see was a gap between the tools available for artificial intelligence to the federal workforce, a gap between what is available in … the private sector or available to the public. So with this GSA partnership, what the administration is doing, which we believe to be in line with the AI action plan, is to make ChatGPT Enterprise, which is … the most advanced AI tools available to the entire federal government will now be available to all agencies of the federal government at the nominal cost of $1 per agency.’
How federal agencies employ the technology will likely range from department to department, with employees offered access ‘to a new government user community and tailored introductory training resources’ as well as ‘custom training platforms and guided learning, either directly or through partner-led sessions’ to best fit their needs.
‘One of the best ways to make sure AI works for everyone is to put it in the hands of the people serving our country,’ OpenAI CEO Sam Altman said of the partnership in a Wednesday press release. ‘We’re proud to partner with the General Services Administration, delivering on President Trump’s AI Action Plan, to make ChatGPT available across the federal government, helping public servants deliver for the American people.’
The Trump administration rolled ut its AI Action Plan in July after Trump ordered the federal government in January to develop a plan of action for artificial intelligence in order to ‘solidify our position as the global leader in AI and secure a brighter future for all Americans.’
The AI Action Plan includes a three-pillar approach focused on American workers, free speech and protecting U.S.-built technologies.
‘We want to center America’s workers, and make sure they benefit from AI,’ AI and crypto czar David Sacks told the media in July of the AI plan.
‘The second is that we believe that AI systems should be free of ideological bias and not be designed to pursue socially engineered agendas,’ Sacks said. ‘And so we have a number of proposals there on how to make sure that AI remains truth-seeking and trustworthy. And then the third principle that cuts across the pillars is that we believe we have to prevent our advanced technologies from being misused or stolen by malicious actors. And we also have to monitor for emerging and unforeseen risks from AI.’
Gruenbaum told Fox Digital that when the GSA reviewed the administration’s AI action plan, it jumped at rolling out ‘widespread adoption’ for the government to help answer Trump’s call for the U.S. to stay on top of the artificial intelligence race on the global stage.
‘Where we see ourselves playing, obviously, is through a lot of the Federal Acquisition Service, which is the largest procurement arm in the federal government,’ he said. ‘And as we kind of examined the President’s AI action plan, heard the call to action of, ‘Hey, this is a race, and we are going to win this race.’ From our perspective, all that meant, synonymously, was widespread adoption. Those were the words, quite frankly, that the OpenAI team used to us in our very first call. And their call to action was, ‘we need to get this into the hands of as many federal workers as possible.’ We at the GSA took that extremely seriously.’
‘Everything’s kind of leading to the place of having us poised for this AI revolution,’ he added.
The Trump administration has notched massive wins in the artificial intelligence race, which has pitted the U.S. against China to develop the most high-tech artificial intelligence systems, including Oracle and OpenAI announcing in July that the companies will further develop the Stargate project, which is an effort to launch large data centers in the U.S. The two companies’ most recent announcement promises an additional 4.5 gigawatts of Stargate data center capacity, a move expected to create more than 100,000 jobs across operations, construction, and indirect roles such as manufacturing and local services.
The Stargate project includes a commitment from OpenAI, Oracle, SoftBank and MGX to invest $500 billion in U.S.-based artificial intelligence infrastructure throughout the next four years.
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(TheNewswire)
GRANDE PRAIRIE, ALBERTA – August 6, 2025 TheNewswire – Angkor Resources Corp. (TSXV: ANK,OTC:ANKOF) (‘ANGKOR’ OR ‘THE COMPANY’) announces its subsidiary, EnerCam Resources Co. Ltd. (Cambodia) (‘EnerCam’) has landed seismic equipment from seismic contractor GeneSeis Company Limited Thailand (‘GeneSeis’) to commence Cambodia’s first onshore EnviroVibe oil and gas seismic for Block VIII (‘Project’).
Keith Edwards, Technical Manager of EnerCam, comments on the start of this type of seismic, ‘This program will provide comprehensive coverage over Block VIII and will guide our efforts going forward. We are excited about this search for Cambodia’s first site for onshore oil and gas production and hopefully this seismic will lead to the first onshore well being drilled in Cambodia.’
Due to border conflict issues which started in May and ceasefire agreements in late July, the equipment could not pass through land borders and therefore, five containers came into Sihanoukville port by ship and then were transported to the base camp of the seismic program.
Seismic teams are executing 350-line kilometers of two dimensional seismic over four identified sub basins on the west side of the license area plus a newly described ‘mussel basin’ on the northeast side of the license.
Mike Weeks, President of EnerCam, states, ‘We are very pleased to be starting this seismic program on Block VIII; it is a huge milestone for both the company and the country. Overcoming the hurdles is a tribute to the team and we are expecting to see this program provide significant data towards drill targets for Cambodia’s onshore oil and gas industry.’
Following a multitude of scoping missions by the lead geoscientists of EnerCam, accompanied by graduate students from Institute of Technology of Cambodia (ITC) and logistics manager Bunchhay Yun, the team now prepares to start an environmentally friendly seismic program in the Kingdom of Cambodia. Keith Edwards, Technical Manager for EnerCam explains, ‘The EnviroVibe units use no dynamite but instead use the weight of the vehicle and a hydraulicly controlled vibrating pad to send acoustic (sound) waves into the sub-surface. This vibration is done with frequencies of 3-80Hz, 3 times for 12 seconds each time using two EnviroVibe vehicles that are synchronized. By spreading the energy over 36 seconds, we can operate in many environments with no negative impacts.’
Management is expecting noise from rainfall or traffic to have less impact on the VibroSeis data than traditional impulsive sources such as dynamite or weight drop. Specific plans were made on access points to mitigate this and recent adjustments incorporated that into the planned program.
The teams have driven over 3720 kilometers, spent several weeks between May and July confirming the best routes to take for quality data, and have taken over 2900 photos of terrain as part of the data collection prior to seismic lines.
Between 35-40 personnel are now deployed to execute the 2-D seismic over the verified roads and access points. All affected landowners, community and commune authorities have been contacted and have given permission for EnerCam to proceed. The program started yesterday and is expected to take a minimum of four weeks to cover the destination routes to acquire the necessary data.
Click Image To View Full Size
Click Image To View Full Size
Figure 1 Mike Weeks in foreground of Envirovibe machine and several staff sorting
through some of the 2000+ geophones.
Figure 2: Over 2000 geophones, which convert ground movement into voltage, form part of the equipment for the 350 line kilometers from which vibrations will be measured.
Click Image To View Full Size
Figure 3 New Oil Seeps identified on most the recent Scouting Mission on July 29 2025.
ABOUT Angkor Resources CORPORATION:
Angkor Resources Corp. is a public company, listed on the TSX-Venture Exchange, and is a leading resource optimizer in Cambodia working towards mineral and energy solutions across Canada and Cambodia. ANGKOR’s carbon capture and gas conservation project in Saskatchewan, Canada is part of its long-term commitment to Environmental and Social projects and cleaner energy solutions across jurisdictions. The company’s mineral subsidiary, Angkor Gold Corp. in Cambodia holds three mineral exploration licenses in Cambodia and its Cambodian energy subsidiary, EnerCam Resources, was granted an onshore oil and gas license of 7300 square kilometers in the southwest quadrant of Cambodia called Block VIII. The company then removed all parks and protected areas to reduce the size to just over 3700 square kilometers. Since 2022, Angkor’s Canadian subsidiary, EnerCam Exploration Ltd., has been involved in gas/carbon capture and oil and gas production in Saskatchewan, Canada.
CONTACT: Delayne Weeks – CEO
Email: info@angkorresources.com Website: angkor resources.com Telephone: +1 (780) 831-8722
Please follow @AngkorResources on , , , Instagram and .
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to the potential for gold and/or other minerals at any of the Company’s properties, the prospective nature of any claims comprising the Company’s property interests, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, uncertainty of sample results, timing and results o f future exploration, and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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